Several months have passed since my first article about Ardea Resources (ARRRF). Despite various positive developments, especially the completion of a positive 2.25 Mtpa expansion study, Ardea's share price has declined by 14%, mainly due to the falling cobalt prices. As a result, the company still offers a significant upside potential. However, there are also some risks related especially to the way Ardea's future financial needs will be covered.
Ardea Resources prepared an expansion study for its Goongarrie nickel-cobalt project. As stated by the company, the expansion study is more advanced than a